Fannie Mae to Enhance Multifamily DUS MBS Affordability Disclosures and Provide Additional Information Related to Other Debt

November 20, 2013

For Delegated Underwriting and Servicing (DUS®) mortgage-backed securities (MBS) with issue dates beginning on or after January 1, 2014, Fannie Mae will provide enhanced transparency related to affordable housing programs associated with the underlying properties. Fannie Mae will also begin providing additional data elements related to Other Debt, when applicable.

Data Elements 

The currently available Low Income Housing Tax Credits data element, which is disclosed as Yes or No, will be replaced with a new data element, “Affordable Housing Type.”

The allowable values for Affordable Housing Type disclosed for a DUS MBS are: 

  • Low Income Housing Tax Credits
  • Project Based HAP (Housing Assistance Payments)
  • Low Income Housing Tax Credits and Project Based HAP
  • Other
  • Not Applicable 

Three new data elements related to Other Debt will also be disclosed, when applicable, for a DUS MBS:

  • Other Debt Note Rate Floor
  • Other Debt ARM Margin
  • Other Debt Interest Only End Date

Please note: These disclosures may not be available for certain DUS pools backed by seasoned loans.

In addition to the above enhancements, the Low Income Housing Tax Credits data element will be added to the Download All Active DUS MBS, Download All Active NT MBS, and MBS Export files. This data element will be provided for DUS MBS with issue dates prior to January 1, 2014, certain DUS pools with issue dates on or after January 1, 2014 that are backed by seasoned loans for which the Affordable Housing Type data element value is not available, and Negotiated Transaction (NT) MBS.

Beginning December 16, 2013, the files listed below will incorporate new file layouts. The new data elements will be added, and reflected, as applicable, beginning with January 2014 issued pools on the Multifamily Securities Locator Service (MF SLS) user interface, Schedule of Pool and Loan Information, and the files listed below.   

Updated File Layouts

  • New Issues Loan and Collateral Statement (NILCS)
  • Download All Active DUS MBS
  • Download All Active NT MBS
  • MBS Export file (for specific MBS)

Fannie Mae has created Frequently Asked Questions to provide further clarity related to these upcoming changes.

For additional questions, investors may contact the Fannie Mae Fixed-Income Investor Helpline at 1-800-237-8627 or by email.

Originally published: 11/20/13